Asian countries probably don’t want it and they certainly didn’t cause it, but a ‘beggar thy neighbor’ wave of exchange rate depreciation may be about to hit the continent.
While countries may not be actively trying to export their way to prosperity, seismic terms of trade shifts in one tend not to go unmatched. Any commonality between G10 central banks that may have existed earlier this year on the 2024 interest rate outlook is fraying, cementing the dollar’s position as investors’ most favored currency.
So far this year the yen is down 7% against the Chinese yuan and 9% against the U.S. dollar, the currencies of its two largest export markets. It is the weakest in over 30 years against both and near a 16-year low against South Korea’s won.
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